8-KOther Events

WILLIAMS COMPANIES, INC. 8-K Report (Mar 13, 2002)

Filed March 13, 2002For Securities:WMB

Summary

The Williams Companies, Inc. (WMB) filed an 8-K report on March 13, 2002, announcing the early termination of the Hart-Scott-Rodino antitrust waiting period for the sale of its Kern River pipeline system to MidAmerican Energy Holdings Company. This development clears a significant hurdle, and the transaction is anticipated to close by March 31, 2002. In conjunction with this sale, Williams also announced its intention to file pro forma financial information. This supplementary data will present the Kern River business as a discontinued operation, supplementing its previously issued consolidated financial statements for the year ended December 31, 2001. Investors should monitor these filings for a clearer understanding of the company's ongoing operational and financial profile post-divestiture.

Key Highlights

  • 1Early termination of Hart-Scott-Rodino antitrust waiting period for the sale of the Kern River pipeline system.
  • 2The sale of the Kern River pipeline system to MidAmerican Energy Holdings Company is expected to close by March 31, 2002.
  • 3Williams Companies will file pro forma financial information reflecting the Kern River business as a discontinued operation.
  • 4This pro forma information will supplement the company's previously issued consolidated financial statements for the year ended December 31, 2001.
  • 5The report includes a press release dated March 13, 2002, as an exhibit, publicly announcing these matters.
  • 6The transaction advances Williams' strategy of divesting assets.

Frequently Asked Questions

The early termination signifies that antitrust regulators have reviewed the proposed sale of the Kern River pipeline system and have found no objections, removing a key regulatory hurdle and paving the way for the transaction to proceed to closing.

The company expects the sale of the Kern River pipeline system to be completed by March 31, 2002.

Williams is filing pro forma financial information to present the Kern River business as a discontinued operation. This will allow investors to better understand the financial performance of the company's continuing operations separate from the divested asset.

A copy of the press release dated March 13, 2002, which publicly announced these matters, is included as Exhibit 99.1 to this 8-K filing.